Quality Health care is costly today. If you are diagnosed with a major illness or hospitalized for a week or more, your finances would be blown away. What would you do if the money isn’t enough to avail quality medical treatment?
You would compromise on medical treatment. The best way to safeguard not only your health but also the health of your family members is availing a health insurance policy. It is commonly believed that a lower premium means low cover. This is wrong! You can enjoy high cover at affordable premiums, if you follow tips to reduce health insurance premiums.
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Industry experts believe that buying health insurance at an early age has many advantages over buying it late. Let’s say there are two potential buyers; one of them is just 24 and the other is 35. Insurers offer same cover at different premiums based on age.
So, if you buy the health insurance plan early, you get an extensive health cover at affordable premiums. Insurance companies encourage people to buy health insurance plans online; by offering them at lower premiums. As there are no insurance agents involved, online health insurance policies are cheap.
See Also: Health Insurance Benefits
If you cannot afford a higher sum assured, go for a lower cover. Keep revising the policy in sync with your medical needs. When your financial health improves, consider enhancing the sum assured. Insurers keep introducing attractive offers to entice both existing and potential customers. So, shop around for an affordable health insurance plan, say the industry veterans.
Co-pay, also known as co-payment, is an important clause found in health insurance policies. This clause was first introduced in group health insurance policies. The primary objective of the co-pay clause is to discourage high claims. Co-pay in health insurance is the percentage of claimable hospital bill you pay from your pocket.
Insurers define the percentage of co-payment, which shall normally be in the range of 10-25%. Insurers insist on co-pay when insuring senior citizens.
See Also: 4 Insurance Plans You Must Have
Health insurance can be availed for a period of one year (short-term) or for a period of 2-3 years (long-term). If you choose a long-term policy, say for 2-3 years, you may save on your health insurance premiums as insurers offer a lower premium on such policies.
Make use of a health insurance premium calculator which offers a quote based on coverage. If you modify the cover selected in the health insurance premium calculator, you get different quotes. This helps find the optimum health insurance premium. The things to be considered while comparing health insurance policies are waiting period, sub-limits, room rent clauses, cashless services, claim settlement ratio, network hospitals and so on.
Top-up health insurance policies offer a higher cover at a lower premium. Top-up plans cover costs after a certain threshold is reached. It’s easy to convert top-up plans to basic health insurance policies. Usually, daycare procedures, domiciliary treatment overheads, organ donor overheads and pre and post-hospitalization expenses are covered under these policies.
See Also: Exclusions of Health Insurance Policy
Individual health insurance policies meet health care needs if you are single. If you are married and have children, go for family floater health insurance policy to include your dependents. Family floater plans are cheaper depending on whom you insure, as the overall cost is divided across insured members.
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